Starting investment career with a SFR house hack
Investment Info:
Single-family residence other investment.
Purchase price: $255,000
Cash invested: $14,000
House hacking a SFR that needs a little work. Slowly making improvements while roommates cover ~80% of monthly expenses. Awesome location to my place of work (~5miles) and close to all the theme parks & most other attractions in the Orlando area.
What made you interested in investing in this type of deal?
Listening to the bigger pockets podcast and money podcast
How did you find this deal and how did you negotiate it?
Found the deal on the MLS and negotiated the purchase price slightly but negotiated heavily with the closing costs and fees. Had the seller cover the maximum amount allowable to minimize upfront out of pocket expense.
How did you finance this deal?
First time homeowner loan through conventional means (not FHA)
How did you add value to the deal?
Adding value through home improvements.
What was the outcome?
TBD...
Lessons learned? Challenges?
Lessons learned so far: be patient when searching for the right property, pay attention to seemingly "minor" issues during the home inspection, more lessons on the horizon....
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with a real estate agent and a mortgage broker in the Orlando area that i would certainly recommend to others.
